The Corporate Affairs Commission (CAC) has issued a stern warning to Point of Sale (PoS) operators across Nigeria, threatening to shut down businesses that are not yet registered with the commission. This move comes as part of CAC’s ongoing efforts to ensure compliance with the country’s business registration laws and improve the regulation of financial transactions.
The Registrar-General of the CAC, Alhaji Garba Abubakar, made the announcement during a recent press briefing. He emphasized that all businesses operating in Nigeria, including PoS operators, must be duly registered with the commission to be recognized as legitimate entities. He added that the CAC will no longer tolerate non-compliance and that defaulters risk being shut down and facing legal consequences.
“We have observed that a significant number of PoS operators are conducting their businesses without proper registration. This is a violation of Nigerian laws, and we will take decisive action against such entities,” said Abubakar. He further stated that unregistered businesses pose a risk to the economy, potentially facilitating fraudulent activities and money laundering.
The CAC has given all PoS operators a grace period to complete their registration processes or risk enforcement actions. The commission plans to collaborate with other regulatory bodies, including the Central Bank of Nigeria (CBN) and law enforcement agencies, to enforce this directive.
With the rapid rise in PoS transactions across the country, especially in urban and rural areas where banking services are limited, the CAC’s decision aims to bring more transparency and accountability to the sector. The registration of these businesses will also ensure better consumer protection and confidence in financial transactions conducted through PoS operators.
Business owners are advised to visit the CAC’s official website or its offices nationwide to complete their registration process. Failure to comply could lead to the closure of their operations and possible prosecution.
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This directive has sparked reactions among PoS operators, many of whom are calling for a more streamlined and less cumbersome registration process. They argue that PoS businesses provide critical financial services, especially in remote areas, and that over-regulation could harm their operations and reduce financial inclusion.
As the deadline looms, the CAC is urging all PoS operators to take immediate action to regularize their status and avoid disruption of their services. The commission also assures the public that the registration process is straightforward and can be completed within a reasonable time frame.
The move is expected to bring more order to the PoS sector, which has become a significant component of Nigeria’s financial ecosystem.
